Episode-1631- Personal Liberty via Business Ownership — 19 Comments

  1. To answer Jack’s question on the podcast about how much the Wicked Bible or Adulterer’s Bible would go at auction: the opening bid in 2010 was $89,500.

    I seriously doubt that it was the final price. It was the opening bid they stated in order to clear out all the window shoppers. Serious book collectors already had a reasonable idea of how much such a book was worth.

    Here is a link to an article discussing how one calculates the value of a rare book.

    Alex Shrugged

  2. Jack, thank you.

    Been unhappy and seriously looking ahead at the future and what it will hold for my wife and I. Business ownership has been kicked around a few times but both of us drawing blanks on what to do and where to put our efforts.

    Moved on over to your “‘five’ minutes with Jack” podcasts and will be taking notes. Possibly a blog about implementing all those steps and the pitfalls and successes.

  3. Owning a business does give me freedom to make my own schedule, ie giving up more income on days I don’t want to work. And I do love my work.

    However, regulations and fees are on a constant increase. Business owners, especially employers, actually lose fundamental rights of decision-making.

    My tax rate isn’t much different over the past 10 years, but regulatory time, cost, and fees continue to rise. These hassles come from the city, the state, and the federal agencies. I can’t fully get on board with the idea that a business gives you “liberty”. I would particularly caution people to be very hesitant to become an “employer”. Once you do that, you are an unpaid tax agent for the government. You receive no compensation but you can receive large fines. If you add benefits (ie 401K plans), this effect increases.

    I’m still glad I’m a business owner but it will be the government actions that will cause me to give it up someday.

    • Well as you may note I never told anyone to become an employer, business owner doesn’t mean employer though many are.

      I have said over and over employees are problems.

      Does owning a business equal liberty, depends on how you build a business, where you build it, how you structure it etc.

    • My statement wasn’t meant as a full-on disagreement but rather to add to the discussion. The regulations are something most don’t comprehend until they get there.

      • Yea I guess that is a valid point. May be something I should cover more, I have always structured my businesses to avoid as much of this as possible or built them large enough that it wasn’t my personal problem.

  4. Thank you Jack, these are helpful tips. I was a sign painter before I was a caregiver for my parents. I have decided to come out of retirement. Not easy!

    Sign painting is slow, but I am advertising that and using it as a selling point. To get some much needed practice I am offering to repaint old signs, and do minor copy adjustments.

    The traditional job route isn’t working so far as I mentioned in my email. I m hoping my Un-Retirement, will at least supplement what ever I do find.

    I hope it’s okay to post my website, if not I won’t be offended if you remove it., I am also learning some web design so I can offer some value added services. I already know desktop publishing and can layout ad’s and magazines for printing. I will ad video and audio as soon as I can.

    Again thank you, your encouragement is uplifting. You think of things I don’t have the experience to consider. I appreciate that.

    I am still going through your “5 minutes with Jack” podcasts. I love them, some I hit replay until I hear them loop in my head like a stuck song. I hear something different every time, especially as I learn more, things start to make sense so when I hear the same information a week or a month later I get a whole different take on it.

    Thank you,

    Did I say Thank you, Thank you

  5. I had to pass this episode on to a friend who gave notice at her job last week. She is now going through the process of starting her own house cleaning business. One thing I told her she should think about doing is finding a few local CSA’s and asking them to put the word out about her business – maybe barter some house cleaning for some veggies. Then as a value-added bonus, put together some baskets from those CSA’s to leave in the kitchen for customers who are NOT CSA customers. The CSA gets some marketing and will hopefully market her more to their client base.

  6. Hey Jack,
    Perfect timing on the show. My wife and started s business in August 2013 with $40. About two weeks ago we passed 100k gross sales YTD. So jack, thank you for inspiring us to get started.

    As for anyone else considering a bit, my advice is just get off your ass and do it. My field is very crowded, and I was not the first to the party. My wife and I carved out our victory by just outworking everyone else and being smarter. Don’t look at something and say there is no room for you. Look out for the big guys and see how they got lazy.

    Victory comes to those willing to get off the couch.


  7. Great episode, you mentioned your 5 minutes with Jack podcast in this one. I have listened to only a few of them. I recently started my business website and am really new to website/marketing stuff. Is there anyway to get those 5 min with Jack podcasts back on iTunes? There are only a few of them on there now. I know I can get them from the website but it is definitely easier to listen to them via the iTunes podcast app when I’m driving around for work. If not no worries, figured I would ask. Love the show.

  8. Wow. This was a really great podcast. As I move further along in corporate life, many of the things in this podcast hit my deeply. I need to get going on my own business and build it. Thanks for all your knowledge.

  9. A friend pointed me to your site. I am enjoying the podcast here. When you spoke about Adsense, and building your business model around someone else’s rules, it prompted me to send you a response.

    3 years ago I was making $10k a month off Adsense. One day, one of my sites was the target of a DDOS which resulted in many unfriendly clicks. Even though I proved to them (with my server logs) that these were the results of a DDOS, they shut my account down. BOOM! Instant loss of almost 75% of my income. It was then that I decided to diversify my marketing efforts.

    Glad to see someone else is sharing the importance of diversification and building a model that is not dependent on other company’s models.

    Great podcast, BTW – I will definitely be back 😉